Fortune Bay Declares Grant of Inventory Choices

Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQX: FTBYF) (“Fortune Bay” or the “Firm”) is happy to announce submitting of an unbiased Preliminary Financial Evaluation (“PEA”) technical report for its 100% owned Goldfields Challenge (“Goldfields” or the “Challenge”) situated close to Uranium Metropolis, Saskatchewan .

Fortune Bay Corp. Logo (CNW Group/Fortune Bay Corp.)

Fortune Bay’s Information Launch dated November 1, 2022 , titled ” Fortune Bay Declares Constructive PEA For Goldfields Challenge, Saskatchewan “, outlines the important thing outcomes, assumptions and estimates contained within the Goldfields PEA, which offers a base case evaluation for growing the Goldfields mineral useful resource by typical open pit mining strategies, and gold restoration with an ordinary free milling flowsheet. In abstract, the financial mannequin helps an operation with low capital value and excessive price of return over an 8.3 yr mine life, with common annual manufacturing of 101,000 ounces of gold.

PEA Highlights:

  • Strong economics with after-tax web current worth (“NPV”) (low cost price 5%) of C$285M , inner price of return (“IRR”) of 35.2% and payback of 1.7 years estimated with gold value of US$1,650 per ounce
  • Common annual gold manufacturing of 101,000 ounces over lifetime of mine (“LOM”), with a median of 122,000 ounces per yr within the first 4 years
  • 8.3 yr LOM producing 835,000 ounces of gold
  • Common money value of US$778 /oz and all-in sustaining value (“AISC”) of US$889 /oz gold
  • Preliminary capital expenditure of C$234M

The PEA technical report was ready in accordance with Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Initiatives (“NI 43-101”) by Ausenco Engineering Canada Inc. (“Ausenco”), in collaboration with Moose Mountain Technical Providers for the mine design, and SRK Consulting ( Canada ) Inc. for the up to date mineral useful resource estimate and environmental, allowing and social facets. The technical report is obtainable on the Fortune Bay Corp. firm profile at , and can also be out there on the Firm web site .

The technical and scientific info on this information launch has been reviewed and authorized by Dale Verran , M.Sc., P.Geo., Chief Govt Officer of the Firm, who’s a Certified Individual as outlined by NI 43-101. Mr. Verran is an worker of Fortune Bay and isn’t unbiased of the Firm below NI 43–101.

About Goldfields

The 100% owned Goldfields Challenge is situated roughly 13 kilometres south of Uranium Metropolis in northern Saskatchewan . The Challenge contains 12 mineral tendencies, protecting roughly 5,000 hectares, and is host to the Field and Athona gold deposits and quite a few different gold prospects and occurrences. The Challenge is situated inside a historic mining space and advantages from established infrastructure, together with a highway and hydro-powerline to the Field deposit. Close by services and companies in Uranium Metropolis embrace bulk gas, civil contractors, and a business airport. The Challenge has a historical past of gold manufacturing (64,000 oz produced between 1939 to 1942), quite a few exploration drilling campaigns (over 1,000 drill holes) and historic mining research by earlier homeowners of the Challenge. The present whole gold useful resource for Field and Athona (efficient date September 1, 2022 ) stands at 979,900 ounces of gold within the Indicated class (23.2 million tonnes at a median grade of 1.31 g/t gold) and 210,800 ounces of gold within the Inferred class (7.1 million tonnes at a median grade of 0.92 g/t gold).

About Ausenco

Ausenco is a worldwide firm based mostly throughout 26 places of work in 14 international locations, with initiatives in over 80 places worldwide. Combining deep technical experience with a 30-year monitor report, Ausenco delivers progressive, value- add consulting research, challenge supply, asset operations and upkeep options to the mining and metals, oil & gasoline and industrial sectors.

Fortune Bay Corp. (TSXV: FOR) (FWB: 5QN) (OTCQX: FTBYF) is an exploration and improvement firm with 100% possession in two superior gold exploration initiatives in Canada , Saskatchewan (Goldfields Challenge) and Mexico , Chiapas (Ixhuatán Challenge), each with exploration and improvement potential. The Firm can also be advancing the 100% owned Strike and Murmac uranium exploration initiatives, situated close to the Goldfields Challenge, which have high-grade potential typical of the Athabasca Basin. The Firm has a purpose of constructing a mid-tier exploration and improvement Firm by means of the development of its current initiatives and the strategic acquisition of latest initiatives to create a pipeline of development alternatives. The Firm’s company technique is pushed by a Board and Administration staff with a confirmed monitor report of discovery, challenge improvement and worth creation. Additional info on Fortune Bay and its belongings could be discovered on the Firm’s web site at or by contacting us as [email protected] or by phone at 902-334-1919.

On behalf of Fortune Bay Corp.

“Dale Verran”
Chief Govt Officer

Cautionary Assertion Concerning Ahead-Trying Info

Info set forth on this information launch comprises forward-looking statements which might be based mostly on assumptions as of the date of this information launch. These statements mirror administration’s present estimates, beliefs, intentions, and expectations. They don’t seem to be ensures of future efficiency. Phrases comparable to “expects”, “goals”, “anticipates”, “targets”, “objectives”, “initiatives”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “continues”, “could”, variations of such phrases, and related expressions and references to future durations, are supposed to determine such forward-looking statements, and embrace, however aren’t restricted to, statements with respect to: the outcomes of the PEA, together with future Challenge alternatives, future working and capital prices, closure prices, AISC, the projected NPV, IRR, timelines, allow timelines, and the power to acquire the requisite permits, economics and related returns of the Challenge, the technical viability of the Challenge, the market and future value of and demand for gold, the environmental influence of the Challenge, and the continued means to work cooperatively with stakeholders, together with the native ranges of presidency. Since forward-looking statements are based mostly on assumptions and handle future occasions and circumstances, by their very nature they contain inherent dangers and uncertainties. Though these statements are based mostly on info at the moment out there to the Firm, the Firm offers no assurance that precise outcomes will meet administration’s expectations. Dangers, uncertainties and different components concerned with forward- wanting info may trigger precise occasions, outcomes, efficiency, prospects and alternatives to vary materially from these expressed or implied by such forward-looking info. Ahead wanting info on this information launch contains, however just isn’t restricted to, the Firm’s aims, objectives or future plans, statements, exploration outcomes, potential mineralization, the estimation of mineral sources, exploration and mine improvement plans, timing of the graduation of operations and estimates of market circumstances. Components that might trigger precise outcomes to vary materially from such forward-looking info embrace, however aren’t restricted to failure to determine mineral sources, failure to transform estimated mineral sources to reserves, the lack to finish a feasibility examine which recommends a manufacturing choice, the preliminary nature of metallurgical take a look at outcomes, delays in acquiring or failures to acquire required governmental, environmental or different challenge approvals, political dangers, incapability to satisfy the responsibility to accommodate First Nations and different indigenous peoples, uncertainties regarding the supply and prices of financing wanted sooner or later, modifications in fairness markets, inflation, modifications in trade charges, fluctuations in commodity costs, delays within the improvement of initiatives, capital and working prices various considerably from estimates and the opposite dangers concerned within the mineral exploration and improvement business, and people dangers set out within the Firm’s public paperwork filed on SEDAR. Though the Firm believes that the assumptions and components utilized in making ready the forward-looking info on this information launch are cheap, undue reliance shouldn’t be positioned on such info, which solely applies as of the date of this information launch, and no assurance could be provided that such occasions will happen within the disclosed time frames or in any respect. The Firm disclaims any intention or obligation to replace or revise any forward-looking info, whether or not on account of new info, future occasions or in any other case, apart from as required by legislation. For extra info on Fortune Bay, readers ought to seek advice from Fortune Bay’s web site at .

Neither TSX Enterprise Change nor its Regulation Providers Supplier (as that time period is outlined in insurance policies of TSX Enterprise Change) accepts accountability for the adequacy or accuracy of this launch.

SOURCE Fortune Bay Corp.

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